S.Amdt. 4562

SA 4562. Mr. MENENDEZ submitted an amendment intended to be proposed
to amendment SA 4557 submitted by Mr. Menendez and intended to be
proposed to the amendment SA 4519 proposed by Mr. Reid (for himself,
Mr. Baucus, and Ms. Landrieu) to the bill H.R. 5297, to create the
Small Business Lending Fund Program to direct the Secretary of the
Treasury to make capital investments in eligible institutions in order
to increase the availability of credit for small businesses, to amend
the Internal Revenue Code of 1986 to provide tax incentives for small
business job creation, and for other purposes; which was ordered to lie
on the table; as follows:

On page 1, strike line 3 and all that follows through page
2, line 2, and insert the following:
(v) Nonowner-occupied commercial real estate loans.
(vi)(I) Loans secured by real estate--

(aa) that are made to finance--

(AA) land development that is preparatory to erecting new
structures, including improving land, laying sewers, and
laying water pipes; or
(BB) the on-site construction of industrial, commercial,
residential, or farm buildings;

(bb) that is vacant land, except land known to be used or
usable for agricultural purposes, such as crop and livestock
production;
(cc) the proceeds of which are to be used to acquire and
improve developed or undeveloped property; or
(dd) that are made under title I of the National Housing
Act (12 U.S.C. 1702 et seq.).

(II) Subclause (I) shall only apply to loans that are
extended to small business concerns (as defined under section
3 of the Small Business Act (15 U.S.C. 632)) in the
construction industry, as such term is defined by the
Secretary in consultation with the Administrator of the Small
Business Administration.
(III) For purposes of this clause, the term
``construction'' includes the construction of new structures,
additions or alterations to existing structures, and the
demolition of existing structures to make way for new
structures.
(B) Limitation.--Notwithstanding subparagraph (A), a loan
shall constitute small business lending only if it is made to
a small business concerns (as defined under section 3 of the
Small Business Act (15 U.S.C. 632)).
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